Mexico: Banxico – Quite close to the end of the easing cycle

  • Banxico decided in a split decision to cut the reference rate by 50bps to 4.50%, in line with our expectations

  • In our view, the tone was less dovish. We reiterate our call of one more 50bps cut in the September 24th meeting

  • However, it is our take that after today’s decision, the risk is leaning towards more modest cuts

August 14th, 2020
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